Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Argentina


    2. Name of member body:

      Or please specify name:



    3. Individual responsible for preparation:


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      12 / 1995



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: Código de Comercio (Commercial Code)
      b). the Enacting body: Congress
      c). date the Act or Code came into force: / 2001


    25. How can IFAC obtain a copy of the Act or Code?
      A CD version of the code may be obtained upon request. It is also available at www.infoleg.gov.ar/basehome/codigos.htm


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify):
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Quarterly financial statements prepared in accordance to Professional Accounting Standards (Technical Resolutions 6, 8,9, 14, 16-18, 21 - the Technical Resolutions are specific accounting standards) with additional requirements established by resolutions 434/03 y 459/04 of the Comision Nacional de Valores (CNV, National Securities Commission). In the case of banks, special requirements set forth by the Banco Central should be applied. In all cases, sections 62, 63, 64, 65 of Law 19.550 (included in the commercial code) should be applied.
      Private companies See above for listed entities
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Audit report on annual financial statements are required. Professional Auditing Standards (Technical Resolution Nº7) should be followed. In the case of banks, limited review report are required for interim quarterly financial statements and additional audit requirements set forth by Banco Central should be applied. In the case of insurance companies, limited review report on interim quarterly financial statements are required and additional audit requisites established by Superintencial nacional de Seguros should be applied.
      Private companies See above for listed entities
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      1.Standards issued by Comision Nacional de Valores CNV) Section XXIII
      2.Resolution 400/02
      3.Decree 677/01

      The above items 2 and 3 refer to certain issues concerning Corporate Governance, such as: Independence Criteria for External Auditors, for Auditing Commission, faculties and duties of the Auditing Commission, proceedings to carry out for minority shareholders in the case of third parties contracts, etc.

    2. the Enacting body(ies)

      1.CNV
      2.CNV
      3.National Executive Power

    3. the latest amendment date?



    35. How can IFAC obtain a copy of the Legal authority?
      www.cnv.gov.ar


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:
      Additional requirement of independence set by decree 677/01.


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity FACPCE
      Other (please describe) Banks and financial institutions FACPCE
      Other (please describe) Insurance Companies FACPCE
      Other (please describe) Other corporations FACPCE

      a. How can IFAC obtain copies of these documents?

      Professional auditing standards set by FACPCE are available upon request.
      In respect of additional requirements from regulators most of them can be found at http://www.infoleg.mecon.gov.ar. You may find some Argentinean regulation at www.cnv.gov.ar


      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (FACPCE)


    44. For FACPCE, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      FACPCE is a private organization established by the profession integrated by the Professional Councils in every jurisdiction within the country. Professional councils are private organizations established by law. There are laws allowing professional councils to issue their own auditing, ethics and accounting standards in their jurisdictions. There is also an agreement between each professional council to carry out this task through FACPCE.

      There is an special committee in charge of the development of the standards called "CENCyA" (Comision Especial de Normas Contables y de Auditoria)


      b. Name of standards



    45. How many voting members does the standard-setting body have?
      26


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria are consisted of a combination of (a) a representation of the several professional fields and their activities; (b)geographical representation; and (c)the best person for the job.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      By means of a commission representing its constituents, FACPCE (IFAC member body)appoints its members upon proposal submitted by the nominating technical committee.


    49. What is the term of appointment for members?
      3 Year(s)


    50. For how many years has the standard-setting body been in existence?
      30 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      23,500 USD

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      $3 = 1USD



    52. To what entity is the standard-setting body accountable?
      The technical commission involved in the standard setting process is accountable to FACPCE


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      A. After standards are approved they become available for exposure to comment as follows:
      1. Standards main features are disclosed on the official bulletin and
      2. FACPCE disclose them on its technical magazine and on its website;
      3. The standards projects are printed and posted on FACPCE's website.
      4. The standards projects are released to other Professional Councils.


    2. accessibility of meetings (i.e., public or private)

      B. Meetings are open to the public subject to physical limitations

    3. approval process for final standards (i.e., majority required to approve final standards)

      C. Final standards are approved by the majority of the members of the technical commission standard setter and then by the FACPCE's board.

    4. other relevant due process activities

      The subcommittee in charge of the process of elaborating the draft of a particular standard, presents it to each Professional Council at a special meeting. Surveys are carried out among the attendance to said meetings and also the accounts having the relevant expertise that the project requires. The most controversial part of the standards process are published on FACPCE's website in order that interested parties may complete those surveys.


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      8 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Unified Code of Ethics April 2000 FACPCE
      Professional Accountants in Business Unified Code of Ethics April 2000 FACPCE
      Professional Accountants in the Public Sector Unified Code of Ethics April 2000 FACPCE
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.facpce.org.ar

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (FACPCE)


    56. For FACPCE, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      FACPCE is a private orgainization established by the profession integrated by the adhered councils in each jurisdiction. It is integrated by an ad-hoc commission formed by representatives of each professional council. There are laws allowing professional councils to issue their own auditing, ethics and accounting standards in their jurisdictions. There is also an agreement between each professional council to carry out this task through FACPCE.

      b. Name of standards

      Unified Code of Ethics (There could be some minor differences for each Professional Council. During 2005, Professional Councils adopted resolutions which have revoked the existing differences.)


    57. How many voting members does the standard-setting body have?
      26


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria are based on the best person for the job and on a geographical representation.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      FACPCE (IFAC Member body)


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      8 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      not applicable



    64. To what entity is the standard-setting body accountable?


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Once the draft on ethics is completed, it bears the same process stipulated for the accounting and auditing standards (see q53a.)

      Meetings are private when they deal with the specific creation or revision of standards and a final draft is finally completed by a special Committee. Meetings are public when the special committee discloses the final draft for comments and discussion before each Professional Council.


    2. accessibility of meetings (i.e., public or private)

      Private meetings

    3. approval process for final standards (i.e., majority required to approve final standards)

      Simple majority of the attendants either at the adhoc commission or FACPCE's board meeting

    4. other relevant due process activities

      Several forms of additional disclosure depicted in
      -seminars;
      -conferences and congresses;
      -training courses.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      5 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      Education Structure in Argentina:

      -Primary School (compulsory);
      -Secondary School;
      -University


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      Laws regulating the profession require the graduated professionals to have an authorized university degree and their registration as such with the Professional Council of his/her jurisdiction.


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      University Degree
      Professional examinations
      Practical experience
      Final qualifying examination
      Other (please describe) CPE
      There is a plan to require a continuing education, optionally at first.


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      Ministry of Education, Science and Technology

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

    2. How many voting members does the relevant body(ies) have

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      Education Ministry website

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      Professional Council in each jurisdiction


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify): The payment of the annual professional fee for the license and no ethical penalties in the professional or personal records or backgrounds.


    80. What entity grants the license?
      Professional Councils in each jurisdiction


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      There are no further requirements for auditor of listed entities



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government
      Ministry/department
      Statutory authority/agency
      Profit entity owned by government
      State governments
      Local governments
      Other (please describe) Federal Government Law, decrees, resolutions, etc. January 1993 Contaduria General de la Nacion
      Other (please describe) State Government Laws, decrees, resolutions, etc. Contaduria General de la Provincia

      a. How can IFAC obtain copies of these documents?

      Ministry of Economy website

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Contaduria General de la Nacion)


    83. For Contaduria General de la Nacion, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Rector body of the Government Accounting System

      b. Name of standards

      Laws, decrees, resolutions, etc.


    84. How many voting members does the standard-setting body have?
      there are no voting members


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Public Accountant in the case of the general accountant and sub general accountant


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      National Government


    88. What is the term of appointment for members?
      5 Year(s)


    89. For how many years has the standard-setting body been in existence?
      10 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      0

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      0



    91. To what entity is the standard-setting body accountable?
      Ministry of Economy


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      They are posted on the website

    2. accessibility of meetings (i.e., public or private)

      There are no meetings

    3. approval process for final standards (i.e., majority required to approve final standards)

      Decisions from the government

    4. other relevant due process activities

      In some circumstances professionals are consulted.


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)


    Section 8B -- Standard-Setting (Contaduria General de la Provincia)


    83. For Contaduria General de la Provincia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      The information is similar to the above depending on each jurisdiction.
      * Rector Body of the Provincial Accounting System


      b. Name of standards

      Laws, decrees, resolutions, etc.


    84. How many voting members does the standard-setting body have?
      not applicable


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The general accountant and subgeneral accountant must bear the qualification of public accountant.


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Provincial Government


    88. What is the term of appointment for members?
      Year(s)


    89. For how many years has the standard-setting body been in existence?
      Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      not applicable

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      not applicable



    91. To what entity is the standard-setting body accountable?
      Ministry of Economy


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      The are posted on the Ministry's website.

    2. accessibility of meetings (i.e., public or private)

      There are no meetings.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Final government decisions.

    4. other relevant due process activities

      In some circumstances, experts are consulted.


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity April 2004 FACPCE (with modifications introduced by CNV)
      Other (please describe) Banks and Insurance Companies April 2004 FACPCE (with modifications introduced by Central Bank of the Argentine Republic (BCRA) and Superintendencia Nacional de Seguros for insurance companies)
      Other (please describe)
      Other (please describe) Other corporations April 2004 FACPCE (Inspecion General de Justticia (IGJ) usually accepts FACPCE's professional accounting standards without introducing modifications)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.facpce.org.ar

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (FACPCE (with modifications introduced by CNV))


    95. For FACPCE (with modifications introduced by CNV), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body



      b. Name of standards



    96. How many voting members does the standard-setting body have?
      26


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria are consisted of a comination of (a)a representation of the several professional activities (b) geographical representation and (c) the best person for the job.


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      By means of a commission representing each constituency, FACPCE (IFAC member body) appoints its members upon proposal submitted by the Nominating Technical Committee.


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      20 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      23,500 (This is the total budget. It refers to the only one set of standards that is used as a basis by the different regulators)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      $3 =1USD



    103. To what entity is the standard-setting body accountable?
      The technical commission involved in the standards setting process is accountable to FACPCE


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      A. After standards are approved they became available for exposure to comment as follows:
      1. Standards main features are disclosed on the official bulletin and
      2. FACPCE disclose them on its technical magazine and on its website;
      3. The standards projects are printed and posted on FACPCE's website.
      4. The standards projects are released to other councils.


    2. accessibility of meetings (i.e., public or private)

      B. Meetings are open to the public subject to physical limitations.

    3. approval process for final standards (i.e., majority required to approve final standards)

      C. Final standards are approved by the majority of the members of the technical commision standard setter and then by the FACPCE's board.

    4. other relevant due process activities

      The subcommittee in charge of the process of elaborating the draft of a particular standard, presents it to each professional council at a special meeting. Surveys are carried out among the attendance to said meetings and also the accounts having the relevant expertise that the project requires. The most controversial part of the standards process are published on FACPCE's website in order that interested parties may complete those surveys.


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)


    Section 9B -- Standard-Setting (FACPCE (with modifications introduced by Central Bank of the Argentine Republic (BCRA) and Superintendencia Nacional de Seguros for insurance companies))


    95. For FACPCE (with modifications introduced by Central Bank of the Argentine Republic (BCRA) and Superintendencia Nacional de Seguros for insurance companies), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      FACPCE is a private organization established by the profession integrated by the professional councils of each jurisdiction. Professional Councils are private organizations established by law.

      The Central Bank of the Argentine Republic (BCRA) issues the accounting standards for banks and financial institutions. The Superintendencia Nacional de Seguros is responsible for insurance companies. They adopt the professional standards set by FACPCE with some additional minor requirements and eliminating some alternatives.


      b. Name of standards



    96. How many voting members does the standard-setting body have?
      26


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria are consisted of a comination of (a)a representation of the several professional activities (b) geographical representation and (c) the best person for the job.


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      By means of a commission representing each constituency, FACPCE (IFAC member body) appoints its members upon proposal submitted by the Nominating Technical Committee.


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      20 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      23,500 (This is the total budget. It refers to the only one set of standards that is used as a basis by the different regulators)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      USD$1=$3



    103. To what entity is the standard-setting body accountable?
      The technical commission involved in the standards setting process is accountable to FACPCE


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      A. After standards are approved they became available for exposure to comment as follows:
      1. Standards main features are disclosed on the official bulletin and
      2. FACPCE disclose them on its technical magazine and on its website;
      3. The standards projects are printed and posted on FACPCE's website.
      4. The standards projects are released to other coouncils.


    2. accessibility of meetings (i.e., public or private)

      B. Meetings are open to the public subject to physical limitations

    3. approval process for final standards (i.e., majority required to approve final standards)

      C. Final standards are approved by the majority of the members of the technical commission standard setter and then by the FACPCE's board.

    4. other relevant due process activities

      The subcommittee in charge of the process of elaborating the draft of a particular standard, presents it to each professional council at a special meeting. Surveys are carried out among the attendance to said meetings and also the accounts having the relevant expertise that the project requires. The most controversial part of the standards process are published on FACPCE's website in order that interested parties may complete those surveys.


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      8 Day(s)


    Section 9B -- Standard-Setting (FACPCE (Inspecion General de Justticia (IGJ) usually accepts FACPCE's professional accounting standards without introducing modifications))


    95. For FACPCE (Inspecion General de Justticia (IGJ) usually accepts FACPCE's professional accounting standards without introducing modifications), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      FACPCE is a private organization stablished by the profession integrated by the professional councils of each jurisdiction. Professional councils are private organizations established by law. CNV issues the accounting standards for listed entities. For that it pts the professional standards set by FACPCE with some additional minor requirements and eliminating some alternatives.

      b. Name of standards



    96. How many voting members does the standard-setting body have?
      26


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria are consisted of a comination of (a)a representation of the several professional activities (b) geographical representation and (c) the best person for the job.


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      By means of a commission representing each constituency, FACPCE (IFAC member body) appoints its members upon proposal submitted by the Nominating Technical Committee.


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      20 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      USD 23,500 (This is the total budget. It refers to the only one set of standards that is used as a basis by the different regulators)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      $3=USD1



    103. To what entity is the standard-setting body accountable?
      The technical commission involved in the standards setting process is accountable to FACPCE


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      A. After standards are approved they became available for exposure to comment as follows:
      1. Standards main features are disclosed on the official bulletin and
      2. FACPCE disclose them on its technical magazine and on its website;
      3. The standards projects are printed and posted on FACPCE's website.
      4. The standards projects are released to other coouncils.


    2. accessibility of meetings (i.e., public or private)

      B. Meetings are open to the public subject to physical limitations

    3. approval process for final standards (i.e., majority required to approve final standards)

      C. Final standards are approved by the majority of the members of the technical commision standard setter and then by the FACPCE's board.

    4. other relevant due process activities

      The subcommittee in charge of the process of elaborating the draft of a particular standard, presents it to each professional council at a special meeting. Surveys are carried out among the attendance to said meetings and also the accounts having the relevant expertise that the project requires. The most controversial part of the standards process are published on facpce's website in order that interested parties may complete those surveys.


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      CNV (National Securities Commission)


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      Law 17,811


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      CNV usually adopts the professional accounting and auditing standards with only some additional requirements. It has not any specific regulation in connection with the audit profession with the exception of some additional independent requirements.

    2. accounting and auditing standard-setting

      CNV usually adopts the professional accounting and auditing standards with only some additional requirements.

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      CNV has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      Bolsa de Comercio de Buenos Aires
      Bolsa de Comercio de Rosario
      Bolsa de Comercio de Cordoba
      Bolsa de Comercio de Mendoza



    Section 10B -- Stock Exchange
    Bolsa de Comercio de Buenos Aires Details


    110. For Bolsa de Comercio de Buenos Aires, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Bolsa de Comercio de Buenos Aires has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      There are several levels of sanctions which range from specific in compliances to suspension or cancellation of the financial statements for in compliance with certain accounting standards.

    3. How enforcement actions are administered.

      Resolutions from the Bolsa de Comercio's Chairman with the advise of the Securities Commission.


    Section 10B -- Stock Exchange
    Bolsa de Comercio de Rosario Details


    110. For Bolsa de Comercio de Rosario, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Bolsa de Comercio de Rosario has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      CNV has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on an exceptional basis.

    3. How enforcement actions are administered.

      Resolutions from the Bolsa de Comercio's Chairman with the advise of the Securities Commission.


    Section 10B -- Stock Exchange
    Bolsa de Comercio de Cordoba Details


    110. For Bolsa de Comercio de Cordoba, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Bolsa de Comercio de Cordoba has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      CNV has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    3. How enforcement actions are administered.

      Resolutions from the Bolsa de Comercio's Chairman with the advise of the Securities Commission.


    Section 10B -- Stock Exchange
    Bolsa de Comercio de Mendoza Details


    110. For Bolsa de Comercio de Mendoza, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Bolsa de Comercio de Mendoza has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      CNV has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    3. How enforcement actions are administered.

      Resolutions from the Bolsa de Comercio's Chairman with the advise of the Securities Commission.



    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?



    2. The number of members on the oversight body



    3. Its powers



    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. How the oversight body is accountable to any public institution or body



    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      The Central Bank of the Argentine Republic (BCRA)monitors the financial and exchange activity by means of the Superintendence of Financial and Exchange Entities. At ay time and upon the request of the Board or other competent authority, Superintendent is to provide information on the qualifications of financial entities and their criteria used for such qualification. Superintendent must establish the reporting and accounting policies governing financial and exchange entities. Financial statements prepared under said policies are submitted before the regulating body and also made available to other users.


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      Superintendent establishes, within the general policies context set forth by the Central Bank of the Argentine Republic, the requisite auditors are to comply with regarding financial and exchange entities. They also establish the reporting and accounting policy for financial and exchange entities. The Supervision Dept. of the Financial and Exchange Superintendence monitors the financial statements of every entity being monitored, regardless they are listed or nonlisted entities. The Bureau of Auditing Control is a specific department in charge of monitoring the auditors work.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      See above 113.

    2. accounting and auditing standard-setting

      see above 113.

    3. review of financial statements prepared by listed entities

      see above 113.

    4. enforcement of accounting, reporting and auditing requirements

      see above 113.



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      The Central Bank of the Argentine Republic (BCRA)monitors the financial and exchange activity by means of the Superintendence of Financial and Exchange Entities. At ay time and upon the request of the Board or other competent authority, Superintendent is to provide information on the qualifications of financial entities and their criteria used for such qualification. Superintendent must establish the reporting and accounting policies governing financial and exchange entities. Financial statements prepared under said policies are submitted before the regulating body and also made available to other users.


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Law of Financial Entities 21,523. In addition see above 113.


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      See above 116.

    2. accounting and auditing standard-setting

      See above 116.

    3. review of financial statements prepared by listed entities

      See above 116.

    4. enforcement of accounting, reporting and auditing requirements

      See above 116.



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      Superintencia de Seguros de la Nacion


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Law 20,091


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      Superintencia de Seguros de la Nacion usually adopts the professional accounting and auditing standards with only some additional requirements. It has not any specific regulation in connection with the audit profession with the exception of some additional requirements related to auditors' registry.

    2. accounting and auditing standard-setting

      Superintencia de Seguros de la Nacion usually adopts the professional accounting and auditing standards with only some additional requirements.

    3. review of financial statements prepared by listed listed entities

      Superintendencia de Seguros de la Nacion has authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    4. enforcement of accounting, reporting and auditing requirements

      See above 120b



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      IGJ
      INAES


    122. What is the source of Legal authority of each regulatory authority?
      Decrees issued by the National Executive Power.
      Decree 721 (INAES)
      Law 22,315 (IGJ)


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      No standards in this specific field are stipulated in this regard

    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities

      These bodies have authority to review the financial statements and also to monitor their compliance with the accounting and disclosure requirements. Nevertheless, these actions are taken only on exceptional cases.

    4. enforcement of accounting, reporting and auditing requirements

      The requirements set forth by the above cited organizations, which are usually consistent with the standards issued by FACPCE, are monitored by themselves, except for the case of the INAES.



    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.



    125. Under what authority does the organization conduct the program of quality assurance review?


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?




    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      Each Professional Council (PC) has its own Discipline/Ethics Court


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?
      It depends on each PC


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Best person for the job.


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Member Body


    134. What is the term of appointment for members?
      3 Year(s)


    135. For how many years has the body been in existence?
      40 Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      It forms part of the general budget

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      US$1 = $3 (specify currency)



    137. To what entity is the body accountable?
      Professional Council in each Province


    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      24 Day(s)



     

     

    Disclaimer

    The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

    * Indicates organizations that qualify to submit SMO Action Plans biennially

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